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Decisive Loss To Start The Week

 September 07, 2010 08:29 PM

The stock market had a negative start to the week as the indices opened lower, bounced, and couldn't get through resistance, with the S&P 500 trailing early on. They rolled over hard in the morning, reaching the lows for the next several hours. At that point they backed and filled in a consolidation phase, but when they were unable to break out in early afternoon, they rolled over, took out the lows, and closed near the session lows going away. Only a last 5-minute bounce prevented them from closing exactly at the lows.

Net of the day, the Dow was down 107.17 at 10,340.76. The S&P 500 was down 12.66 at 1091.85, and the Nasdaq 100 down 13.81 at 1856.50.

Advance-declines were a little less than 3 to 1 negative on the New York Stock Exchange and about 3 1/2 to 1 negative on Nasdaq. Up/down volume was 6 to 1 negative on New York on very light total volume of a little over 800 million shares. Nasdaq traded a little over 1.5 billion shares, and had a better than a 3 to 1 negative ratio of declining volume over advancing volume.

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TheTechTrader.com board, as a result, was mostly down today. Leading the way on the upside, however, was Isilon Systems, Inc. (ISLN), one of our Top 25 stocks, up 1.43 at 23.60. Biovail Corporation (BVF), also on the Top 25 list, was up 2.29 at 26.25. Arena Pharmaceuticals, Inc. (ARNA) advanced 48 cents at 7.34, Netlist Inc. (NLST) 39 cents at 3.15, and Molycorp, Inc. (MCP) 2.50 at 22.00.

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Ultra-short ETFs did well today, with the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) up 1.38 to 34.33, the Direxion Daily Small Cap Bear 3X Shares (TZA) up 1.75 to 32.88, and the Direxion Daily Financial Bear 3X Shares (FAZ) up 84 cents to 14.48. The Direxion Daily Large Cap Bear 3X Shares (BGZ) also jumped 46 cents to 14.40.

On the downside, Goldman Sachs (GS) lost 2.08 to 145.21. Cree Inc. (CREE), a Boxer Short, dropped 1.90 to 54.60. Amazon.com Inc. (AMZN) gave back 1.57 to 137.22, OmniVision Technologies Inc. (OVTI) 1.06 to 21.00, and Transocean Ltd. (RIG) 1.28 to 53.05.

Those were the point-plus losers and gainers on our board today.

Stepping back and reviewing the hourly chart patterns, the indices were down early and consolidated for much of the rest of the day until late in the session when they rolled over, bounced, and then backed off into the close to finish with a decisive loss for the session.

We'll see how that effects trading going forward this week.



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